All Forum Posts by: Jeff Schroeder

So I've entered a contract with Elite on a property in Chicago's south shore neighborhood. The renovation is taking longer than they originally expected and the final closing date has been pushed back from originally being Feb 31 to Apr 31st. I'll let you more when they're done entirely with the renovation and I get a non-elite home inspector I trust to look through it. Otherwise, I'm pretty happy thusfar. The only caveat is that you need to reach out to them to ask about timelines. When you do, Alex gets back to you and lets you know what is up.

So long as I'm not currently paying for it, I don't mind when they finish so long as they tell me when to come do the closing.

@Mark Ainley what are your thoughts on E 73rd Place in the South Shore? I drove it and it seems like a quiet neighborhood where some deals could be had. Also, it is relatively close to Jackson Park, where the Obama Public Library is gonna be built. They are estimating it being $500 million to build.

Fair to say you've not looked at the South side of Chicago? There absolutely are deals to be made in neighborhoods which are nice, and are fairly obviously going to appreciate in a few years. As an idea, anything around Jackson Park, where the Obama Presidential Library will be put. You can still buy property cheaply in that area to fix up and flip, or hold onto for appreciation and cash flow. I literally just bought a two flat in that neighborhood this week. I guess it depends on what type of investing you're looking for and how much you want to hustle to do it.

So one of the founders of BP, our very own @Brandon Turner wrote a book answering a lot of these questions:

https://get.biggerpockets.com/nomoneydown/

In addition to talking to the lenders who've answered on this thread, it is absolutely worth reading and relevant to your interests. They talk about every single thing in that book here on the BP forums or on the BP Podcast (I've been listening to them all starting at 1 and am on 146 currently), but the book has it all distilled in one place.

@Charles Worth thanks! That was my take as well on Alex. He'll send you the latest properties they have available and leave you alone. I've driven by and looked at ~20 of the many homes Elite is currently working on and see the same quality on each of them. I even walked in and spoke with the latino foreman of one of them. Really really nice kitchens with granite countertops and quality throughout. I liked what I saw and Alex doesn't really even act like a salesmen, which is great.

I've just started the process to purchase a 2 flat from Elite and provided that goes well will probably get 3-4 more. When I've got a better handle on how they operate, I'll update this post.

Thanks all!

I've lived in Logan Square for the previous 4 years and can tell you it is rapidly gentrifying. This is great for my home value, but not so much for some people who live here :(

That being said, there are good areas and bad areas in LS. The Milwaukee Corridor by the Congress Theater is getting a lot of love with 3 big TOD high rises that just went up and 1 that is almost finished right off of Milwaukee and Armitage. The home values are absolutely going up as is the rent. Most of the new TOD high rises are luxury condos and the one closest to me is trying to sell the condos for ~500-550k per. I'd say you're 3-5 years late in buying in the "down" market, but I do see things quickly getting nicer. The new owner of the Congress is working on getting it designated as a national historic landmark. When he does, the state will pay 25% of his rennovation fees and from the architectural drawings, it is going to be stunning. I see that helping property values quite a bit in a year or two when it is finished.

Keep in mind however, with literally 4 high rises built within the past 4 months, and a few more north towards the square and Logan Blvd, that the rental market is going to be saturated. That being said, this is an absolutely fantastic neighborhood and if you're able to get some property, now is the time! I just walked into an open house today for a 2 flat with a total income of $2700 for an asking price of $577k when I can get a 2 flat on the south side of chicago for around $180k or less with $2250-2500 depending on the location. Unless you buy a deal, this is a pricey hood.

I'd be up for coffee / drinks sometime if you're ever in the Chicagoland area!

JR: would you recommend buying from them again? How has Alex and the team been to you?

@Nick Patterson yup I read the entirety of Elite's reviews before posting this. Just wanted a second place to ask. Thanks!

can you be specific regarding oversite and what they needed? I live in Chicago (Logan Square) so with a bit of effort it seems like that won't be a big deal.